Spyre Therapeutics (NASDAQ:SYRE) Trading Up 4.3%

Spyre Therapeutics, Inc. (NASDAQ:SYRE)’s stock price traded up 4.3% on Friday . The company traded as high as $31.74 and last traded at $31.70. 378,636 shares changed hands during mid-day trading, a decline of 25% from the average session volume of 506,473 shares. The stock had previously closed at $30.40.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on SYRE. Wedbush assumed coverage on shares of Spyre Therapeutics in a research report on Wednesday, September 4th. They issued an “outperform” rating and a $45.00 price objective for the company. Evercore ISI began coverage on shares of Spyre Therapeutics in a report on Tuesday, July 16th. They issued an “outperform” rating on the stock. Ten analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $43.43.

Spyre Therapeutics Price Performance

The firm’s fifty day moving average price is $27.98 and its 200-day moving average price is $32.02. The company has a market cap of $1.26 billion, a price-to-earnings ratio of -0.43 and a beta of 2.92.

Spyre Therapeutics (NASDAQ:SYRE) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($0.86) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.90) by $0.04. As a group, equities analysts forecast that Spyre Therapeutics, Inc. will post -3.68 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Spyre Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the business. Perceptive Advisors LLC raised its position in shares of Spyre Therapeutics by 18.6% during the second quarter. Perceptive Advisors LLC now owns 3,031,018 shares of the company’s stock valued at $71,259,000 after buying an additional 474,339 shares during the last quarter. Avoro Capital Advisors LLC acquired a new stake in shares of Spyre Therapeutics in the second quarter valued at $43,238,000. Driehaus Capital Management LLC acquired a new position in shares of Spyre Therapeutics during the second quarter worth approximately $16,153,000. Farallon Capital Management LLC bought a new position in Spyre Therapeutics in the 2nd quarter valued at $15,658,000. Finally, Logos Global Management LP bought a new stake in Spyre Therapeutics during the 2nd quarter worth about $13,518,000. Institutional investors and hedge funds own 80.39% of the company’s stock.

Spyre Therapeutics Company Profile

Spyre Therapeutics, Inc, a preclinical stage biotechnology company, focuses on developing therapeutics for patients living with inflammatory bowel disease (IBD). It develops SPY001, a human monoclonal immunoglobulin G1 antibody designed to bind selectively to the a4ß7 integrin being developed for the treatment of IBD (ulcerative colitis and Crohn's disease).